• Dr. Stefan Spindler to fulfill his contract until April 30, 2024 and familiarize Sascha Zaps with his new role
• Decision on successor to Regional CEO Europe to be taken in good time before handover
• Internal solution ensures continuity in the management of Industrial division

Herzogenaurach | May 26, 2023 | In its meeting today, the Supervisory Board of Schaeffler AG has appointed Sascha Zaps (48) as a member of the Board of Managing Directors of Schaeffler AG and as the new CEO Industrial with effect from May 1, 2024. In this position, he will succeed Dr. Stefan Spindler (61) who will not extend his contract beyond April 30, 2024 on grounds of age. Dr. Stefan Spindler took over the role on May 1, 2015.

Sascha Zaps joined Schaeffler AG in 2019 and was appointed Regional CEO Europe on September 1, 2021. In this function, he was already a member of Schaeffler AG’s Executive Board comprising the eight Managing Directors and the four regional CEOs. A decision on the successor to head the European business will be taken in good time before the handover in the coming year. Before his appointment as Regional CEO Europe, Sascha Zaps was CFO Industrial and Senior Vice President of Strategy & Business Development of the Industrial division.

Prior to joining Schaeffler AG, Sascha Zaps’ previous appointments included a variety of management positions at various companies such as senior vice president at McKinsey & Company, CEO and managing director at Telefonica Global Services, as well as CFO and managing director of private-equity investments. Sascha Zaps, who holds an MBA and a BA and is a trained industrial business management assistant, began his professional career in 1995 in the finance department of Siemens Automobiltechnik. Further roles in finance and accounting at Siemens VDO, Siemens Enterprises, and Telefonica O2 followed, including positions in Belgium and the U.S.

“I am delighted that we can entrust Sascha Zaps, a candidate from our own ranks, with the management of our Industrial division. He has already held important management positions within the division over the last few years and is therefore a recognized expert in the industrial business. At the same time, I am grateful to Dr. Spindler for his willingness to fulfill his contract until the end of April 2024 and familiarize Mr. Zaps with his new role, who will continue to perform his current role as Regional CEO Europe in a focused manner until the handover”, says Georg F. W. Schaeffler, family shareholder and Chairman of the Supervisory Board of Schaeffler AG.

“We would also like to take this opportunity to thank Dr. Spindler for his management of the Industrial division during the past eight years. His excellent work has successfully transformed and strengthened the division and put it on a sustainable path to profitability and growth. Through an internal baton change at the head of the division, we are ensuring continuity and seamlessly continuing the successful development”, added Georg F. W. Schaeffler.

Forward-looking statements and projections

Certain statements in this press release are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place any undue reliance on forward-looking statements which speak only as of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that Schaeffler, or persons acting on its behalf, may issue.

Schaeffler Group – We pioneer motion

As a leading global supplier to the automotive and industrial sectors, the Schaeffler Group has been driving forward groundbreaking developments in the fields of motion and mobility for more than 75 years. With innovative technologies, products, and services in the fields of CO₂-efficient drives, electric mobility, Industry 4.0, digitalization, and renewable energies, the company is a reliable partner for making motion and mobility more efficient, intelligent, and sustainable – throughout the entire lifecycle. The technology company manufactures high-precision components and systems for powertrain and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The Schaeffler Group generated sales of EUR 15.8 billion in 2022. With around 84,000 employees, Schaeffler is one of the world’s largest family companies. With more than 1,800 patent applications in 2021, Schaeffler is Germany’s second most innovative company according to the DPMA (German Patent and Trademark Office).

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